Global oil production will increase by 1.6 million barrels per day in 2025, but U.S. Energy Information Administration said 90 percent of that growth will come from non-OPEC+ countries.  That is due to ongoing production restraints by OPEC+.  At its meeting Dec. 5, OPEC+ said it will delay production increases until at least April 2025. […]

Electric Reliability Council of Texas estimates that the Permian Basin will experience 26,000 megawatts of new electricity demand by 2038.  Half of that increase will be generated by the oil and gas industry, according to Lori Cobos, commissioner of the Public Utility Commission of Texas, who was in Midland recently to speak to members of […]

U.S. Energy Information Administration said recently that U.S. crude oil production will continue to increase in 2025 while U.S. refiners process less crude oil than they did last year.  That will lead to a decline in net imports of crude oil of more than 20 percent to 1.9 million barrels per day in 2025 – […]

Brentwood, Tenn.-based Delek Logistics Partners said last week it has agreed to purchase the water midstream division of Gravity Oilfield Services for $285 million ($200 million cash).  The Gravity unit provides gathering, transportation, recycling, storage and disposal of produced water in Midland Basin in west Texas and Williston Basin in North Dakota.  The acquisition adds […]

Tulsa-based ONEOK said recently it completed expansion of NGL pipeline and fractionation projects in Texas.  Completion of the full looping of the West Texas NGL pipeline system from Permian Basin expands its capacity to 515,000 barrels per day.  Additional pump stations – expected to be completed by mid-2025 – will further increase system capacity to […]

New Mexico was one of only two states to report gains in rig count in the past week, according to the weekly report of Dec. 13 by Baker Hughes.  New Mexico has 104 active drilling rigs – up 2 in the past week and up 4 in the past year.  Also, there were 304 rigs […]

Oklahoma City-based Nova Compression said recently it purchased natural gas compression assets from The Woodlands-based Kodiak Gas Services.  The assets, which are near Pecos in west Texas, will allow Nova “to double its density in an active area of the Delaware Basin.” Jonathan Mitchell, CEO of the company founded in 2007, said Dec. 5, “The […]

Calgary-based Freehold Royalties said last week it purchased mineral title and royalty interests in the core of the Midland Basin in west Texas from a private seller for $152 million.  The acquisition includes 244,000 gross drilling acres to expand Freehold’s Midland Basin footprint by 35 percent.  The company said production is 1,250 to 1,350 boed […]